Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Coal & Allied Second-Quarter Sales Rise 13% as Output Surges

Don't Miss Out —
Follow us on:

July 13 (Bloomberg) -- Coal & Allied Industries Ltd., the Australian coal unit of Rio Tinto Group, said second-quarter sales rose 13 percent after production at its Hunter Valley operations surpassed all quarterly output in the past five years.

Sales reached 5.1 million metric tons in the three months ended June 30, compared with 4.5 million tons a year earlier, the Brisbane-based company said in a statement today. Rio Tinto owns 75.7 percent of Coal & Allied, according to data compiled by Bloomberg.

Coal production in the Hunter Valley rose 26 percent from a year earlier as the company’s load-and-haul performance improved and inventories recovered from low levels, according to the statement. Full-year output is on target to rise 5 to 10 percent, Coal & Allied said.

More than half of the sales in the quarter were sold at 2010 prices because Japanese customers delayed shipments after the March 11 earthquake and tsunami, according to the statement.

Coal & Allied fell 0.8 percent to A$102.31 at 2:23 p.m. in Sydney trading, compared with the 0.4 percent gain in the benchmark S&P/ASX 200 Index.

To contact the reporters on this story: Elisabeth Behrmann in Sydney at ebehrmann1@bloomberg.net

To contact the editor responsible for this story: Rebecca Keenan at rkeenan5@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.